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UBS 'disappointed' it did not do more to detect control lapses

Tuesday, October 11, 2016 - 11:51
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UBS said in response to the Monetary Authority of Singapore's detection of anti money-laundering (AML) control lapses at the bank that it was "disappointed we did not do more to detect and report this earlier".

UBS said in response to the Monetary Authority of Singapore's detection of anti money-laundering (AML) control lapses at the bank that it was "disappointed we did not do more to detect and report this earlier".

In a reply on Tuesday morning to a Business Times query, it said it was "further strengthening our controls and appropriate action will be taken on individuals responsible for the lapses".

It added: "We will donate all profits from this account to the establishment of an industry-wide AML programme to be run by an independent educational body to help combat financial crime and reinforce Singapore's status as a financial centre which adheres to the highest standards."

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